Corn Dec -2 573 (572-83); Mar -2 579; Jly -2 585

Bean Jan -12 1265 (1263-87); Mar -12 1276; Jly -11 1291

  Meal Dec -4 370 (370-80)

  Oil -6 5917

Wheat Dec -2 820 (819-43); Jly +2 825

  KC Dec -7 827; MGE -10 1017

Oats +17 756

Rice +22 1459

 

LC Dec +92 13315; Feb +85 13725; Apr +60 14087

FC Nov -15 15592; Jan +245 16137; Apr +235 16607

LH Dec -107 7510; Feb +15 8330; Apr +7 8760

Milk Nov -7 1791; Dec +46 1761; Jan +46 1821

Major CBOT futures closed lower and near the lows of the day. Early strength peaked around 9:00 am CT and it was downhill from there. USDA’s 8:30 am weekly export sales report may have had enough positive points to create the quick rally before traders realized export business is still lagging. Corn futures topped out near chart resistance (Dec-5.85; Mar-5.90). Soybeans and meal futures backed off after approaching yesterday’s highs which didn’t hold up. KC and Chicago wheat made new contract highs before selling off with the rest of the corn and soy complex.

December LC broke above its sideways channel; February LC gapped higher and made the highest close since September 1. Beyond the soon-to-expire November FC contract, feeder futures closed strongly higher on a late-morning rally. LC futures were supported by a stronger cash fed market and a strong weekly export sales report. USDA net sales of 25,5000 MT, up 23% from the previous week; China bought more than half – 13,800 MT. USDA reported that cash trading has picked up with prices $1-3/cwt higher live ($133-134) and $3/cwt higher dressed ($210/cwt). Choice beef fell 2.31 to 276.16 and Select slipped .90 to 263.16. Packers are sharing more of their margin given the tight market-ready cattle supplies.

The monthly Cattle on Feed report comes out tomorrow afternoon. Traders expect October placements up 2.2% Yr/Yr and November 1^st inventory down 0.2% Yr/Yr.

Lean hog futures were slightly higher except for December LH’s $1.07 loss. December LH was pressured by weaker cash hog prices even as pork values soared. FOB Plant Pork rose by 5.17 to 89.69; this was far below the morning quote of 97.10. Ham value ended up 22.51 at 88.81 versus up 30.77 in the morning. Bellies ended down 2.28 at 118.84 compared to 153.31 in the morning. Pork movement remained strong at 371 loads.

US$ -.3% 95.54

Dow -60 35871

SP +16 4705

NAS +72 15994

Tran -53 16497

  VIX +.36 17.47

 

WTI +77 7832

Brent +82 8110

Gas +1 230

NG +9 490

HO +2 238

Eth unch 221

Gold -10 1861

Slvr -31 2485

 

2-yr -.002 0.502%

5-yr -.018 1.220%

10yr -.017 1.587%

30yr -.024 1.973%

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